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8-K: Current report ?
$Super Micro Computer (SMCI.US)$ I read in the report " ... that EY furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the Company’s statements made in response to those requirements and, if not, stating the respects in which it does not agree ... " ? So, not a agreement one some points? i hope that Coole , also audit firm who received all the documents from EY, can solve the problems ?
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Money Thrill OP : The disclosure contained in this Current Report on Form 8-K contains “forward-looking statements” within the meaning of federal securities laws. The problems are with the forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Additional factors that could cause actual events to differ materially from those projected or suggested in any forward-looking statements are contained in the Company’s filings with the Securities and Exchange Commission, including those factors discussed ?
If i understand good the problems are situated " in the Guidance " ?
Money Thrill OP : Lettre to SEC from Ernst & YOUNG. " ... AGREE with 1st to eighth paragraph. We have no basis to be agree or disagree with other statements ... "
MonkeyGee Money Thrill OP : so that means I don't know and not sure. I wish my job was that easy. what if anyone made a statement like that to your boss or client.
Money Thrill OP MonkeyGee : Fully agree, i don't know too what to think also ? Red flags? Overreaction? Storm in a glass of water?
70911613 : From an auditing perspective, EY is saying that it cannot trust the integrity of the company's senior management, including the integrity of the board of directors and the completeness of the information they provide. Auditing does not endorse the company's future prospects, but only endorses what has already happened and is reported in the financial statements. For example, if the company's sales records in the financial statements are xx billion US dollars, but the actual true sales, EY cannot determine using auditing standards, including how much is genuine, and how much deviates from US accounting standards. The Big Four firms rarely resign during the auditing process, unless they cannot control risks, including legal proceedings.
70911613 : I want to remind everyone that no accounting firm can complete an audit of this scale company within two weeks according to auditing standards. Even if there are brave individuals accepting the challenge, they will still be scrutinized by the SEC and PCAOB under a magnifying glass.
Mast1888 : So fucked, but their majority sales are in US right? how hard to say that 80% is verifiable